According to a new study by FMI, sales of taurine are expected to be valuated at ~US$ 250 Mn, towards the end of 2019. While gains will be underpinned by a slew of factors, including changing regulatory scenarios, the report suggests that wide applications of taurine, and research and development for the launch of innovative products will also contribute significantly to the sales of taurine in the near future.
Driven by diverse end-use applications, the global taurine market is set to reach US$ 364.4 Mn by 2021. Growth forecasts continue to remain strong, thanks to rising focus on health and wellness. The market will witness impressive growth opportunities through the forecast period, especially as application continues to surge in beverage sector.
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Taurine is increasingly used in various health drinks and energy drinks. FMI has forecast, the beverage segment to account for lion’s share of the global market through the forecast period. Taurine an essential amino acid is structurally as well as functionally for the body. Taurine plays a crucial role in human beings, pet, as well as fish. This is owing to the reason that taurine has such wide and essential applications.
In the European Union and China, taurine is considered essential in fish feed and is also authorized to be used for all species of fishes. There are rising speculations of replacing meat and marine-based products from the fish feed with alternate protein sources. Plant-based protein for instance soybean meal with taurine makes an excellent meal for fish, comprising of all essential nutrients required.
Key Takeaways from the Taurine Market Study
- Taurine market will continue showcasing solid growth through forecast period. It is projected to record 6.9% Y-o-Y growth in 2021
- The U.S. will continue exhibiting high demand and account for dominant 82.6% of the North America market
- Growth in the U.K. to remain positive as the country is forecast to exhibit 4% Y-o-Y growth in 2021
- France and Germany will emerge as lucrative pocket for taurine sales in Europe
- While growth rate in Japan and South Korea will remain positive, China is expected to account for leading market share through forecast period
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Taurine in Energy Drinks
Taurine is a crucial ingredient in energy drinks and is prominently used by key manufacturers such as Redbull, Monster Drink. Energy drinks claims to have several health benefits, owing to which millennials and gen-z are anticipated to gravitate towards these products and taurine will experience a cascading effect of increase in demand in the forecast period.
Several leading manufacturers of taurine are focusing on strengthening production capacity and distribution channels to expand their footprint in the global market. Leading players also are investing in research and development to produce organic, non-GMO ingredients for Taurine and to develop a novel production process that will also be suitable for consumption by vegan and flexitarian.
Manufacturers are also seen capitalizing on the opportunity in the food processing industry. Taurine is known to act as an emulsifier and flavoring agent in many processed food. Manufacturers are producing baby food formula with taurine as an ingredients that are targeted for neonatal who are born under-weight or premature.
- In August 2019, Foodchem International Corporation commenced the expansion project in Jiangxi Province, China owing to the rising demand of taurine.
- Qianjiang Yongan Pharmaceutical Co., Ltd., is further planning to expand its production capacity of taurine. For supporting this aim, the company has started strengthening its distribution network by opening warehouses and storage capacity.
Alternate Source of Taurine in Development
The increasing vegan population has bolstered the need for an alternate source of taurine, either plant-based or synthetic process. A large number of taurine manufacturers depend on the latter method for taurine production as chemical processes are easy to control and can alter production quantity as per requirement. The synthetic production process of taurine also requires less number of raw material, whereas natural sources such as algae need to be handled well for adequate production of taurine.
Taurine manufacturers are developing these innovative processes and patenting under their name to maintain their market position with high quality of taurine.
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Get Valuable Insights into Taurine fiber Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Taurine market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Taurine market based on End Use Application (Food, Beverage, Animal Feed, Pet Food, Pet Supplements, Dietary Supplements, Cosmetics & Personal Care Products, Agriculture, and Pharmaceuticals), across seven major regions.
Key Segment
End Use Application
- Food
- Dairy Products
- Infant
- Bakery Products
- Cereal Products
- Beverage
- Energy Drinks
- Caffeinated Drinks
- Soft & Carbonated Drinks
- Animal Feed
- Aquaculture Feed
- Poultry Feed
- Pet Food
- Cat Food
- Dog Food
- Pet Supplements
- Cat Food
- Dog food
- Dietary Supplements
- Cosmetics & Personal Care
- Skin Care Products
- Hair Care Products
- Toiletries
- Agriculture
- Pharmaceuticals
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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